U.S. crude oil: range-bound fluctuations, buy on dips and sell on rallies

(1) Analysis: The US-Iran negotiations have reached an impasse. After Trump rejected Iran's proposal, geopolitical risks have intensified again, and WTI has rebounded above $93. While supply risks in the Strait of Hormuz remain, actual cargo flows have partially recovered. From a technical perspective, key ranges have not been broken, so the short-term outlook is for continued high-level fluctuations.(2) Key focus: Geopolitical situation, inventory data, US Dollar Index(3) Resistance: 93.80, 94.50, 95.00(4) Support: 93.00, 92.00, 90.00